The prime minister needs to ignite the imagination of investors and show he’s serious about reform.

A year after Prime Minister Narendra Modi’s historic election victory, enthusiasm about India’s economy among international observers is fading.

Last week, the Journal declared that for Mr. Modi the “euphoria phase” is over. In a widely cited cover story, the Economist called the prime minister’s record as a reformer “underwhelming.” A Bloomberg editorial accused Mr. Modi of having “spent too much political capital to no coherent...